Islamic State yearly oil revenue slumps to $250 mln: U.S. officialMay 12, 2016 - 13:50 AMT PanARMENIAN.Net - Air strikes, a drop in the price of oil, and counter-smuggling efforts by neighboring countries have combined to cut Islamic State's oil revenues in half to about $250 million per year, a senior U.S. Treasury official said on Wednesday, May 11, Reuters reports. A U.S.-led coalition has targeted the ultra-hardline Sunni Islamist militant group with airstrikes since it seized control of parts of Iraq and Syria in 2014. The U.S. military launched an intensified effort in October to go after its oil infrastructure in hopes of cutting funding to the group, which U.S. officials call the wealthiest terrorist group of its kind. Those strikes, along with a drop in the international price of oil, counter-smuggling efforts by Turkey, and difficulties Islamic State has in transporting its oil across battle lines have combined to halve its oil revenues, said Daniel Glaser, assistant secretary for terrorist financing at the U.S. Treasury's Office of Terrorism and Financial Intelligence. "The number that we had been giving previously until about early this year was $500 million a year off of oil sales. I think they're substantially less than that now," Glaser told a think-tank event in Washington. "I think they probably make about half of what they previously made." The group also earns about $360 million per year from taxation in the areas it controls, Glaser said. Cutting its taxation revenues is challenging because it occurs internally within Islamic State territory, he said. One approach he is looking at is drying up liquidity, or the availability of cash, to Islamic State-held territory, he said, according to AFP. "That prevents them from taxing, it also prevents them from profiting from oil sales because I think the vast majority of their oil profits are from oil sold internally within ISIL-controlled territory," he said, using an acronym for the group. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |